in britain, we're faced with the task of a new economy from the rubble of the old. the eurozone faces the biggest crisis since it was forme.d d. countries like indonesia and china grow in a phenomenal rate. the consequences in the shift in power -- should we fail to respond, cannot be overstated. our influence in the world -- our ability to fund the public services, and mantain our culture of openness. all of them are in the balance. power would move away from the liberal and democratic world, and within it, too. to moderates and hardliners, and those committed to the politics of cooperation and those hellbent on confrontation. if history taught us anything, it is that extremists thrive in tough times. iour country will pay a heavy political price. but the human cost will be higher, still. we would leave a trail of victims -- so to those who ask what we could do -- cutting public spending. who suffers most when governments go bust? when they can no longer pay salaries, benefits, and pensions. not the bankers or hedge fund managers. it is the poor, the old, the infirm. those with the l

it was formed. and while the european economy has stalled, countries like indonesia, malaysia, india and china continue to grow, and at a phenomenal rate. the potential consequences of this shift in power, should we in the west fail to respond, cannot be overstated. our influence in the world, our standard of living, our ability to fund our public services and maintain our culture of openness and tolerance -- all are in the balance. for power would move not only away from the liberal and democratic world, but within it too, from moderates to hard liners, from internationalists to isolationists, from those committed to the politics of cooperation to those hell-bent on confrontation. if history has taught us anything, it is that extremists thrive in tough times. so yes, if we fail to deal with our debts and tackle the weaknesses in our economy, our country will pay a heavy political price. but the human cost would be higher still. not only would we fall behind internationally, we would leave a trail of victims at home too. so to those who ask, incredulously, what we -- the liberal democrats -- a

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